There’s been no shortage of buzz around payment analytics, with countless eCommerce businesses now utilising analytics to their advantage. Unsure what all the fuss is about? Here are 5 benefits you can draw from better utilising your payment analytics.
They offer insights into payment trends
Payment analytics provide insights into who your customers are, where they are located, and how they came to find your business. For example, are your customers using local cards or international credit cards? Is there a way you can make it easier for your customers to shop with you? Should you be accepting local payment types if you have a strong international customer base? Payment analytics provide answers to all these questions, helping you devise a plan to better reach and support your international customers, or respond to other consumer trends that can be observed in the data.
They help you decrease chargebacks
Excessively high chargebacks can be a huge problem for eCommerce businesses, potentially resulting in payment processors refusing to work with you. Payment analytics help you keep an eye on your chargebacks, providing information on the product that was purchased, how the transaction was carried out, and what interactions took place between the business and customer. With all this data on hand, you can better understand why the chargeback occurred, and work to prevent this from happening again.
They allow you to promptly detect fraud
Fraud and risk prevention requires proactive action, which payment analytics allow you to take. Any anomalies or patterns can be promptly identified, and then further investigated to determine whether fraud has occurred. Not only do your payment analytics allow you to address instances of fraud, but they also make it possible to identify potential fraudulent activity before it occurs, protecting your customers and your bottom line.
They can be used to increase customer loyalty
Payment analytics allow you to get to know your customers better, with the gathered data then being used to create more targeted marketing campaigns. eCommerce retailers can also create highly personalised loyalty programs using this information, potentially increasing the value and frequency of customer purchases.
They make it possible to forecast transactions
Forecasting is essential for boosting sales, with payment analytics offering real-time data that help you advance your business. Figure out which products are doing the best commercially, where your customers are coming from, and which products aren’t doing so well, all thanks to payment analytics. All this data will then help you decide which products you should discontinue, or whether you should run promotions on any particular items.
Payment analytics is a powerful tool for eCommerce retailers if they know how to leverage the data. Use the above information to determine which channels draw in new customers, what your most profitable channels are, where you are losing customers, what the optimal user experience looks like, and so much more.